The DXY recovered some ground following the shock non-farm payroll increase, though not before printing new near three-month lows of 96.44. The index subsequently bounced to 97.01 highs at mid-morning in N.Y. The incredible 2.51 mln increase in jobs set risk-on into motion, resulting in steep gains on Wall Street, (the NASDAQ recorded all-time highs), and sharply higher Treasury yields.
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The dollar picked up bids following remarks from China's foreign secretary, who said that Beijing will take "countermeasures" against 33 U.S. entities. This sparked demand for the dollar as risk sentiment soured, causing a dip-from-highs in S&P 500 futures.
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The dollar and yen have resumed a weakening path, while the likes of the Australian and New Zealand dollars have led the outpeforming pack amid a backdrop of resuming risk-on positioning in global markets. The MSCI Asia-Pacific equity index is set to close out today with its biggest one-week rally since 2011.
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Thursday was another rough day for the Dollar, as the DXY slipped to new near three-month lows of 96.60, down from opening highs of 97.54. The main driver of USD weakness remains the discounting of the Greenback's save-haven premium. Higher than consensus weekly jobless claims, along with a wider April trade deficit had only limited impact.
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The dollar and yen lifted today, benefiting from a correction in recent risk-off positioning in currency markets. This has seen both the dollar and yen recover some lost ground versus most other currencies, with the commodity currency group now playing an underperforming role.
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A correction of recent risk-off positioning has been afoot in currency markets. This has seen both the dollar and yen recover some lost ground versus most other currencies, with the commodity currency group now playing an underperforming role. S&P 500 futures are showing a modest 0.3% loss, while Asia-Pacific markets have mostly posted moderate gains and the main Chinese and Hong Kong indices tipped into the red.
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The DXY hit its lowest level since March 12, printing 97.19 lows, after peaking at 97.62 into the N.Y. open. It was another risk-on session, as incoming data, including the ADP jobs report and factory orders were ugly, but not as bad as had been expected.
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More of the same, with the dollar and yen weakening while commodity currencies lead the outperforming pack as stocks and oil prices, and other industrial commodities, continued to rally. A risk-on cocktail of reopening global economies and expectations for further stimulus measures have been underpinning, which are for now offsetting concerns about U.S.-China tensions and the potentially economically disruptive social order disturbances across America.
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More of the same, with the dollar and yen weakening while commodity currencies lead the outperforming pack as stocks and oil prices, and other industrial commodities, continued to rally. A risk-on cocktail of reopening global economies and expectations for further stimulus measures have been underpinning, which are for now offsetting concerns about U.S.-China tensions and the potentially economically disruptive social order disturbances across America.
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